HAMPTON, Va. — Navy Federal Credit Union and Freddie Mac have joined forces to announce an initiative to expand homeownership opportunities for military families, that includes affordable mortgage products and financial education workshops in the Tidewater/Hampton Roads area to help active duty military families plan for homeownership.
The initiative kicked off Nov. 28 at the Active Duty Home Buying Fair at NFCU's Hampton, Va. branch and featured affordable mortgage products, free advice for buying or refinancing a home, financial counseling, and information on grants and the Get The Facts! homebuyer workshops.
A highlight of the fair was Active Duty Choice Mortgage, NFCU's new mortgage solution exclusively for active duty military and reservists that provides more buying power at competitive rates with flexible credit terms, financing up to $417,000 and no additional private mortgage insurance, according to the credit union.
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The $31 billion NFCU said it believes in rewarding those who serve and many of its members serve in the active duty or reserves within the Department of the Navy.
"We understand the hardships that many of our active duty, reservists and their families face during a time of conflict. We wanted to offer a mortgage option that went 'above and beyond' for those members," said Cutler Dawson, president/CEO of NFCU.
The Hampton Roads Planning District, Child & Family Services of Eastern Virginia, and Community Housing Partners Corporation will offer Freddie Mac's Get the Facts! workshops, which are designed to break down barriers of misinformation that keep many individuals from considering homeownership
"By working together with Navy Federal, we are helping to boost the home buying power of members of the military," said Paul Mullings, senior vice president of Single Family Sourcing for Freddie Mac. "Many of them are first-time buyers, minorities, and low- to moderate-income earners who want to purchase a home, build equity and obtain the American Dream of homeownership."
Through the Get the Facts! workshops, participants are provided with straightforward information and advice about all aspects of homeownership, including costs associated with home buying and credit history requirements. Participants are encouraged to ask questions as workshop facilitators help them separate fact from fiction. By the end of each workshop, it is hoped that participants will feel empowered, with a sense that they might be able to achieve the dream of homeownership, according to the credit union.
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